With the impact of the credit crunch and economic downturn, the lack of mortgage funding available combined with historically low interest rates has raised the profile and significance of truly independent mortgage advice.
Unfortunately the mortgage industry is heavily sales orientated so it will be hard to determine whether you are near a sales person or a skilled and experienced adviser. There are quite a few key questions you should ask and you should definitely read the documentation provided thoroughly.
An independent mortgage adviser will have a greater range of options available and quite often, more alternatives means more competition between financial institutions and better rates.
Truly Self-sufficient Mortgage Advice?
An Independent Mortgage Adviser will have access to the 'whole of market' that will give them access to above 100 lenders (it was far more pre-credit crunch)! They will not be restricted to a limited number of lenders or what they refer to as a panel. When you are given this regulated documentation (currently called an initial Disclosure Document) it will state they've access to the entire market. To gain more information about remortgage with bad credit just log onto related sources online.
Multi-Tied or Restricted to your Panel:
There are many adviser who are restricted to a panel regarding lenders. This can be a lot less than ten to more than 30. Many corporate estate agents have their very own mortgage advisers who will work off an exceptionally small panel that excludes some famous Traditional names. Multi-tied advisers will typically focus on a commission basis – in order that they take their money from the financial institution.